By Josh Beckerman
Madison Square Garden Entertainment shares were down 11%, to $35.35, Wednesday after the company said Tuesday that Sphere Entertainment Group LLC is selling 5.25 million shares.
In April, the company then called Madison Square Garden Entertainment Corp. changed its name to Sphere Entertainment Co. and spun off its traditional live-entertainment businesses into a new company called Madison Square Garden Entertainment Corp.
MSG Entertainment said that under its existing $250 million share-repurchase authorization, it plans to buy about $25 million of stock from the seller.
According to a securities filing, Sphere Entertainment Group owns 37.8% of MSG Entertainment’s class A shares.
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